Ontario — As the market for renewable energy systems, such as solar PV and energy storage, continues to proliferate around the globe, industry stakeholders increasingly recognize the enhanced value proposition that M&C solutions can deliver.
These solutions can significantly optimize the overall energy cost with the help of sophisticated data analysis and sensors to detect any operational issues across these assets.
According to a new report from Guidehouse Insights, the annual revenue additions for the solar and storage M&C market is expected to reach nearly $3 billion by 2031.
“From SCADA gateways and data loggers to performance monitoring and predictive maintenance tools, the combination of sensing and measurement technologies and data analytics is providing asset owners with more actionable insights to improve operational efficiencies and reduce lifetime costs,” says Michael Kelly, senior research analyst with Guidehouse Insights. “M&C solutions that can quickly identify and accurately detect deviations in yield are particularly well positioned for success in this burgeoning market.”
Multiple dynamics are responsible for the growth of the M&C market and the hurdles it faces.
The primary driving forces pushing growth are the booming adoption rates for solar and storage and demands for efficiency, security, and the need for predictive maintenance for remote assets.
Still, according to the report, challenges such as costs, lack of data sharing, and the need for continuing technology updates could hinder M&C’s growth.
The report outlines key trends and industry players who are currently active in the M&C space.
As M&C can be a rapidly evolving set of technologies, more advances are likely—especially in the form of AI and machine learning—in coming years.
This report determines that despite the declining cost of M&C capabilities, revenues for this market across solar and storage will continue to increase due in large part to the accelerating deployments of solar and storage systems.
Guidehouse Insights expects annual revenue additions for the solar and storage M&C market to reach nearly $3 billion by 2031.